Canada Mortgage and Housing Corporation: Ontario Multi Family Housing Starts Grow in February

TORONTO, ONTARIO--(Marketwire - March 8, 2010) - Despite inclement weather later in the month, Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across urban* areas jumped in February. An estimated 68,400 residential housing units broke ground, up from 53,200 units in January. The volatile multi family home construction sector, which includes semi detached, row and apartment dwellings, led increases in construction activity. Ontario residential construction activity has trended higher since the first quarter of last year.

"The construction of modestly priced multi-family housing dropped to one of its lowest levels in the past decade in January and made up for lost ground last month," said Ted Tsiakopoulos, CMHC's regional economist. "While home starts will moderate closer to trend in the next few months, the Ontario new home construction industry will still feel the tailwinds of an improving economy and buoyant resale market conditions," added Tsiakopoulos.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.